Chinese regulators have fined companies including Internet giants Alibaba and Tencent for anti-monopoly violations as they move to tighten controls on their fast-growing industries.
BEIJING — Companies including Internet giants Alibaba and Tencent were fined Wednesday by anti-monopoly regulators in a new move to tighten controls on their fast-growing industries.
In 22 cases, the companies were fined 500,000 yuan ($75,000), including acquiring a stake in other companies that may unreasonably exert their market power, the state administration of market regulation announced. It said that the violators included six companies owned by Alibaba Group, five companies of Tencent Holding Ltd and two companies of retailer Suning.com Ltd.
In the biggest fine ever, Alibaba was fined 18.3 billion yuan ($2.8 billion) in April for suppressing competition. Other companies have been fined or reprimanded for violating competition, data protection, censorship and other regulations.